Trading plan for EUR/USD for February 06, 2019

analytics5c5a7a8f07cd0.jpg

Technical outlook:

The hourly chart for EUR/USD has been presented here for short-term wave outlook. The recent upswing between 1.1289 through 1.1514 levels seems to be retraced at the moment. The EURUSD pair is trading around 1.1395 levels at this point in writing, and is very close to fibonacci 0.618 support around 1.1375/80 levels respectively. Also please note that the hourly RSI has been showing a bullish divergence as well, indicating that a potential change in direction remains possible. Immediate price support is seen at 1.1289, while resistance is seen at 1.1420 levels respectively. A safe trading recommendation could be to look for bullish signals around 1.1380/90 mark, with a risk at 1.1289 levels respectively. Only a consistent drop below 1.1289 levels would delay the bullish scenario.

Trading plan:

Long now, stop @ 1.1280, target is 1.1800 levels

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com